• This presentation details the future strategyforeseen for DSM’s nutrition business.

• During the last strategy period (2005 – 2010),DSM established a strong business in food, feedand personal care ingredients with clearleadership positions in fast-growing segments.DSM’s intent is to build further on this successand to continue to expand this attractiveleadership position in scale and scope whilegrowing EBITDA.

• DSM believes it is well positioned to achieve thisambitious growth.

3.1

• The food, feed and personal care ingredientsmarkets are experiencing many of the sameglobal trends that are impacting DSM as a whole,but also specific business and societaldevelopments that are profoundly shaping thefuture of these markets.

• Established and still influential trends such asconsumer demands for convenient and indulgentproducts, as well as a continuing focus on cost,have been supplemented by an ever-deepeningconcern about health and wellness, sustainabilityand changing demand patterns in High GrowthEconomies.

• Sustainability concerns continue to rise across allsectors, and increasingly across all major markets– food ingredients and methods of productionand supply are no exception. Regulators, too, areapplying stricter standards to the oversight ofcontents, claims and production systems.

• More specific to the food ingredients sector, butlinked to the issue of health and wellness, is thedesire for natural ingredients. This captures the‘clean label’ spirit, where some opinion-formingconsumers in more mature markets are asking for

fewer E-numbers, and ’no artificial flavors orpreservatives’. DSM expects this trend to widenover the coming years, although it will notrepresent a major part of vitamins demand forsome time.

• These trends create a series of clear criteria foringredient companies like DSM. While the fastestfuture growth will come from High GrowthEconomies, the established economies remainvital not only as the largest markets but also asthe central drivers of product innovation(especially the USA).

• What is also clear is that this is an industry drivenby innovation. The total ingredients sector isgrowing faster than global GDP, but this hides adivergence between well established ingredientsand forms and more innovative ones. Growth ishigher than GDP in markets for innovative newingredients, such as new enzymes or new formsof established ingredients. In more establishedingredients, such as ascorbic acid (genericvitamin C) growth is at or even below GDP.

3.2

• DSM has a unique position within the ingredientsindustry: a considerable presence across all of thethree large ingredients markets and a highlydeveloped ’local for local’ infrastructure aroundthe world. This gives the company unparalleleddepth and breadth within and across sizeablemarkets – and this scale is the key to resilience inthe marketplace.

• Of the total feed ingredients market assessed at€16bn, DSM has strong positions in the vitamins,feed enzymes and carotenoids segments whichcurrently constitute an accessible market ofaround €6bn. In this market, customers’ keyconcern is product efficacy as they seek increasedyields: “How does this feed ingredient enhanceproductivity in my animal production throughincreased feed conversion, bio-availability, growthrate, health, meat quality and so on?”. DSM’sexpertise in raising bio-availability of vitaminsthrough specific forms is a good example of howit seeks to support increased productivity in thecontext of modern farming systems.

• Increasing consumer wealth is changing diets, asmeat and fish are becoming more affordable,more regularly, to more people. Urbanization and

changes in traditional roles are changing eatinghabits, increasing demand for processed foods assupermarkets and food stores replace the role oftraditional markets. DSM’s competencies give itaccess to around one third of the global foodingredients market, where health and nutritionawareness, alongside the constant search forquality and safety, are driving innovation.

• DSM is also a prime driver in the fight to bringnutrition security to many of the world’s poorest,particularly through its Nutrition ImprovementProgram and its partnership with the UN WorldFood Program.

• The personal care ingredients market offers DSMconsiderable opportunity for growth, mostnotably because it is an industry driven byconsumers’ desire for new innovations. Science-driven innovations are meeting strong emotionalneeds, which is potentially an extremelypowerful combination to drive growth.

3.3

• DSM’s Nutrition cluster is already its mostinternationally diverse.

• Unlike some industries, food markets remain’local’ – which means proximity to localconsumers and their tastes and habits is key. Theglobal nature of DSM’s ingredients business isdemonstrated by the chart on the right: no otheringredients company has built such a trulyinternational business.

• DSM has a truly global presence. For example, inits animal health and nutrition (ANH) business ithas a ’local for local’ approach everywhere, witha local sales and technical support team thatunderstands local markets and local premixfacilities to deliver against these needs. It is nowadding local application labs to deepen these localproducts in China, the US and in Latin America;in human health and nutrition a similar if moreregional approach is adopted. Crucially, the factthat this is wholly-owned and not just a networkof distributors means we also build knowledgeand expertise that can be shared across DSM’snutrition businesses for the benefit of ourcustomers.

• For the first time, DSM is also breaking out itsPersonal Care Ingredients business, which hasgrown to just below €200m in sales per annumwith very good prospects for future growth,helped by the acquisition of the Pentapharmbusiness in 2007 which added scale andsubstantial innovation power. Already a leader inUV filters and with a strong presence in skin care,DSM has adopted a more determined approach todeveloping opportunities in this highly innovativebusiness.

3.4

• Since the announcement of DSM’s AcceleratedVision 2010 in 2007, a series of strategic actionshas driven continual top-line growth and, moreimportantly, a step-change in margin. A strongfocus on operational excellence has underpinnedcost control whilst also deepening the company’soffer in terms of quality and customer service. Atthe same time, structural changes to thecompetitive landscape contributed to a favorableshift in market dynamics.

• Encouragingly, the Nutrition cluster has proventhe resilience of this program by sustainingEBITDA levels even through the worst recessionin 70 years.

• Key actions have been:

– A focus on ”value before volume”, through allareas of our business. We are creating customervalue by understanding what their needs areand where we can add to their business.Moreover, this ’specialties approach’ also drivesDSM’s differentiation and innovation strategy,ensuring it concentrates on innovativeapproaches, including activities that take itfurther down the value chain.

– The Quality for Life™ approach – quality, safety,traceability and reliability – which emphasizesDSM’s commitment to high standards ofproduction and a focus on customer needs inthe context of customer and consumer desirefor peace of mind about their food.

– Expanding the network of premix plants intonew ANH markets, giving DSM a closerconnection to its customers and access tomarkets – most recent examples includepremix plants in Tatarstan, Russia in Q4 2009;an expansion in Korea in Q1. In addition, wehave expanded the franchise operation, sellingsmaller premix bags to farmers and smallercompanies.

– A focus on bio-ingredients – specialty productsbased on fermentation processes, such as yeastextracts, cultures and food enzymes. DSM hasthe requisite expertise in enzyme and biotechnologies to take a leadership position in thismarket. MaxiCurd™ for the cheese industry,Panamore™ for bakers, and Brewers Clarex™

for brewing are successful examples of DSM’sinnovation in process enzymes, therebyreducing cost and energy consumption andincreasing sustainability.

3.5

• These actions have given DSM establishedleadership positions across all three areas of theingredients business.

• DSM’s best-in-class biotech platform has led tothe launch of several profitable food enzymes,and DSM maintained its leadership position infeed enzymes through continued, closecollaboration with Novozymes.

• DSM is the global market leader in vitamins andcarotenoids, leading the industry in terms ofproduct quality and innovation, regulatory andnutrition science, technical expertise andcustomer and consumer understanding. Itsinternational infrastructure and reach isunequaled by any competitor.

• In Personal Care Ingredients, DSM has translatedthis expertise into growing market positions inSun and Skin care. In addition the company hasused its deep resins knowledge to createinnovative new hair care products. This year, forexample, it has introduced the TILAMAR™ rangeof hair care polymers used in hair styling,conditioning and shine.

3.6

• DSM is uniquely involved in all three main stepsof the value chain: the production of pure activeingredients; their incorporation into sophisticatedforms, and the production of tailored premixes.Being the only fully integrated player allows DSMto differentiate itself all the way through thechain. Managing the interdependencies betweenactive ingredients, forms and premixes, whichhave important implications for innovation,logistics, and value delivery, is a core competenceof DSM.

• Even in the production of ’straights’ (untreatedvitamins, carotenoids, enzymes and othernutritional ingredients), where cost is a moreimportant factor, significant added value isgenerated by differentiation, through for examplequality management, traceability, reliability ofsupply, sustainable production practices, andphysical product attributes such aspolymorphisms, influencing stability and bio-availability.

• In the following step of the chain, where activeingredients are incorporated into so-called’forms’, DSM has an array of sophisticatedtechnologies to deliver a range of application

properties. Forms are single product formulations,which can be solid particles in which the activeingredients are dispersed or encapsulated in aninert matrix to provide stability, extended shelflife, bio-availability or dispersability – the abilityto form stable suspensions in a liquid matrix, forinstance for beverages.

• In the next step shown here, a range of blendsare produced in so-called premix operations. Inaddition, DSM also meets specific customers’needs through tailored solutions. Only 15% ofDSM Nutritional Products’ revenue is derivedfrom sales of pure active ingredients, while 85%of revenue is based on sales of forms and premix.

3.7

• DSM is the clear leader in the global vitaminsbusiness, but that does not mean that it is thevolume leader in every single vitamin. Thevitamin sector is complex and multi-layered, witha variety of different approaches adopted bymanufacturers.

• Market dynamics differ strongly per segment andeven per product, and segmentation is key tounderstanding the relative strength of the variousplayers. DSM’s leadership positions are in higher-value, more complex sectors such as fat-solublevitamins, where barriers to entry are very highbecause of the complexity of the multi-stepprocesses interlinked with intermediates used formultiple products, and the need for verysignificant capital investments. In other sectorswe see opportunities to further strengthen ourcompetitiveness and differentiation to strengthenour position.

3.8

• In addition to the business strengths outlined inprevious slides, DSM is now seen as a keyopinion leader in nutritional science.

• This is a key element in the company’s ongoingdevelopment. As well as helping to build DSM’sown institutional knowledge and customer andstakeholder confidence, opinion leadership alsopotentially enables DSM to actively engage indiscussions around nutrition guidelines, policyand practices with regulators and governmentsaround the world.

• DSM is already seen as a valued and objectivecontributor to nutrition debates, which helps toensure that rigorous science and the state of theart are considered by key stakeholders.

3.9

• DSM’s continued success in the ingredientsindustry will depend on three core performancelevers.

• Through operational excellence, DSM mustmaintain a cost position that is at least on parwith the competition. This means continuing tolook for process innovations and improvements,rigorous site selection, and pursuing ‘asset light’strategies.

• Continued differentiation in the market is the keyto capturing value and margin growth. DSM willcontinue to be the Quality player in the sector,pursuing product and process innovation throughoptimum use of its technology. DSM is marryingtechnological advances with consumer trends andcustomer needs, and remains the innovationfront-runner in nutrition.

• DSM will also look to grow by extendingpartnerships and via acquisitions. It will focus oncomplementary ingredients, with a bias towardsnaturals, which can be marketed through DSM’sexisting global infrastructure. Acquisitions mayalso focus on expanding this infrastructure inareas where DSM is still under-represented, such

as our recent premix acquisition from Bayer inKorea.

3.10

• Since the acquisition of the Roche Vitamins andIngredients business, a combination of businessre-engineering and re-focusing, and then re-positioning to focus on value over volume andmargin management, has created a strong andsustainable business. DSM is proud to havemanaged this integration succesfully.

• With the growth of the business DSM isconfident that its absolute EBITDA will risewithin a bandwidth, whilst maintaining anEBITDA margin between 20% and 23%.

• DSM sees strong opportunities for organicgrowth, but Acquisitions and Partnerships willalso be an integral part of the strategy if it is todeliver against its aspirations.

3.11

3.12

5.21

DISCLAIMER

This document may contain forward-looking statements with respect to DSM's future(financial)performance and position. Such statements are based on current expectations, estimates andprojections of DSM and information currently available to the company.

Examples of forward-looking statements include statements made or implied about the company’s strategy,estimates of sales growth, financial results, cost savings and future developments in its existing business aswell as the impact of future acquisitions, and the company’s financial position. These statements can bemanagement estimates based on information provided by specialized agencies or advisors.

DSM cautions readers that such statements involve certain risks and uncertainties that are difficult topredict and therefore it should be understood that many factors can cause the company's actualperformance and position to differ materially from these statements.

These factors include, but are not limited to, macro-economic, market and business trends and conditions,(low-cost) competition, legal claims, the ability to protect intellectual property, changes in legislation,changes in exchange and interest rates, changes in tax rates, pension costs, raw material and energy prices,employee costs, the implementation of the company’s strategy, the company’s ability to identify andcomplete acquisitions and to successfully integrate acquired companies, the company’s ability to realizeplanned disposals, savings, restructuring or benefits, the company’s ability to identify, develop andsuccessfully commercialize new products, markets or technologies, economic and/or political changes andother developments in countries and markets in which DSM operates. As a result, DSM’s actual future performance, position and/or financial results may differ materially fromthe plans, goals and expectations set forth in such forward-looking statements.

DSM has no obligation to update the statements contained in this document, unless required by law. TheEnglish language version of this document is leading.

A more comprehensive discussion of the risk factors affecting DSM’s business can be found in the company’slatest Annual Report, a copy of which can be found on the company's corporate website, www.dsm.com

5.22

3P Triple P (People, Planet, Profit)6-APA 6-amino-penicillanic acid ACN AcrylonitrileAcq. acquisition7-ADCA 7-amino-deacetoxycephalosporanic

acid AGM Annual General Meeting of

ShareholdersAM Advanced ManufacturingANH Animal Nutrition & HealthAPI Active pharmaceutical ingredientsBF Bio-Fuelbn billionbps Basis Points BC&M Base Chemicals and MaterialsBoP Base of the PyramidCAGR Compound Annual Growth RateCAPEX Capital ExpendituresCEO Chief Executive OfficerCFO Chief Financial OfficerCFROI Cash Flow Return On InvestmentcGMP current good manufacturing practiceCHF Swiss FrancCMO Contract Manufacturing OutsourcingCOS Cost of SalesDAI DSM Anti-InfectivesDBM DSM BioMedicalDBPS DSM Bio-based Products & ServicesDD DSM DyneemaDEC DSM Expert CenterDEP DSM Engineering PlasticsDFI DSM Fibre IntermediatesDFS DSM Food SpecialtiesDivest. DivestmentDJSI Dow Jones Sustainability IndexesDNP DSM Nutritional ProductsDPP DSM Pharmaceutical ProductsDR DSM ResinsE&E Electrical & Electronic IndustryEBA Emerging Business AreaEBIT Earnings before Interest and TaxesEBITDA Earnings Before Interest, Taxes,

Depreciation and Amortization ECO+ The Greenhouse DialogueEDPM Ethylene Propylene Diene MonomerEPS Earnings per ShareEU European Unionadj. FfO Adjusted Funds from OperationsFD Finished dosage / final doseFDA Food and Drugs AdministrationFOOP Fixed Out of Pocket costsFX Foreign Exchange (exchange rates)G&A General and AdministrativeGDP Gross Domestic ProductGHG Greenhouse GasGRI Global Reporting Initiative

GUR Global Utilization RateHNH Human Nutrition & HealthICT Information and Communication

TechnologyInno center Innovation CenterIFRS International Financial Reporting

StandardsIP Intellectual propertyJV Joint Venturekt kilotonKPI Key Performance IndicatorsLATAM Latin AmericaLS&MS Life Sciences and Materials Sciencesm millionM&A Merger & AcquisitionsM&S Marketing and SalesMB Managing BoardMCC Mitsubishi Chemical CorporationNCPC North China Pharmaceutical

CorporationNPC Nylon Polymer Company LLCOWC Operating Working Capitalp/a per annumPA6 Polyamide 6PBT Polybutylene terephtalatePEN PenicillinPET Polyethene terephtalatePTG The Polymer Technology GroupP&L Profit and LossR&D Research and DevelopmentROCE Return on Capital EmployedSBB Share Buy-BacksTPV Thermoplastic VulcanizateTriple P Triple P (People, Planet, Profit)TSR Total Shareholder ReturnUD Unidirectional UHMwPE Ultra-High Molecular Weight

PolyethyleneUS United States (of America)USA United States of AmericaUSD United States DollarUS$ United States DollarWACC Weighted average cost of capitalWTO World trade Organization

Abbreviation ExplanationAbbreviation Explanation